U.S. pending home sales unexpectedly fall in October

WASHINGTON, Nov 30 (Reuters) – Contracts to buy U.S. previously owned homes fell for a second straight month in October as an acute shortage of properties pushed up prices, though the housing market remains supported by record low mortgage rates.

The National Association of Realtors said on Monday its Pending Home Sales Index, based on contracts signed last month, decreased 1.1% to 128.9. Economists polled by Reuters had forecast pending home contracts, which become sales after a month or two, would rebound 1.0% in October.

Compared to a year ago, pending homes sales jumped 20.2% in October. The monthly decline in contracts suggests a moderation in sales of existing home sales after they accelerated in October to their highest level since November 2005.

The housing market is being driven by record low mortgage rates. The COVID-19 pandemic, which has seen at least 21% of the labor force working from home,

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U.S. pending home sales fall 1.1% in October as higher prices discourage buyers

A real estate sign is seen in front of a house for sale in West Los Angeles. The U.S. real estate market is booming, but a shortage of homes for sale is starting to bit into sales.


chris delmas/Agence France-Presse/Getty Images

The numbers: A measure of pending home sales fell in October for the second month in a row, signaling the surprisingly strong surge in demand during the pandemic might be ebbing.

The index of pending home sales dropped 1.1% in October after a 2.2% decline in September, the National Association of Realtors said Monday.

While pending sales are still up 20% compared to a year earlier, rising home prices could be cutting into demand. Cooler weather and a record increase in U.S. coronavirus cases might also be hurting sales.

The index measures real-estate transactions in which a contract is signed, but the sale had not yet closed.

What happened: 

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October pending home sales fall unexpectedly, as high prices take their toll on buyers

  • Pending home sales fell 1.1% month-to-month in October but were 20.2% higher compared with October 2019.
  • The growing imbalance has prompted bidding wars and caused the median price of an existing home to jump to the highest level ever in October, according to the National Association of Realtors.



a group of people standing in front of a building: People wait to visit a house for sale in Floral Park, Nassau County, New York.


© Provided by CNBC
People wait to visit a house for sale in Floral Park, Nassau County, New York.

Strong, pandemic-induced demand for housing is still there, but buyers may now be hitting an affordability wall.

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Pending home sales fell 1.1% month-to-month in October but were 20.2% higher compared with October 2019. This reading is a measure of signed contracts on existing homes, so it is a future indicator of closed sales.

It is also, therefore, a more recent read on buyer activity because it represents people out shopping during the month and making purchase decisions. Analysts expected a small

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Japan’s Capital Sees Prices Fall Most in Over Eight Years as COVID-19 Pain Persists | Investing News

TOKYO (Reuters) – Core consumer prices in Tokyo suffered their biggest annual drop in more than eight years, data showed on Friday, an indication the hit to consumption from the coronavirus crisis continued to heap deflationary pressure on the economy.

The data, which is considered a leading indictor of nationwide price trends, reinforces market expectations that inflation will remain distant from the Bank of Japan’s 2% target for the foreseeable future.

“Consumer prices will continue to hover on a weak note as any economic recovery will be moderate,” said Dai-ichi Life Research Institute, which expects nationwide core consumer prices to fall 0.5% in the fiscal year ending March 2021.

The core consumer price index (CPI) for Japan’s capital, which includes oil products but excludes fresh food prices, fell 0.7% in November from a year earlier, government data showed, matching a median market forecast.

It followed a 0.5% drop in October

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Home sale and listing resurgence extends into the fall

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Home sale and listing resurgence extends into the fall

 

Home sale and new listing activity remained at near record levels across Metro Vancouver in October.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,687 in October 2020, a 29 per cent increase from the 2,858 sales recorded in October 2019, and a 1.2 per cent increase from the 3,643 homes sold in September 2020.

 

Last month’s sales were 34.7 per cent above the 10-year October sales average and stands as the second-highest total on record for the month.

 

“Home has been a focus for residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation,” Colette Gerber, REBGV Chair said. “Throughout this period, REALTORS® have been working to understand and adapt to the latest safety protocols so that they can continue to

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Gold Prices Fall On Firm Dollar

(RTTNews) – Gold prices fell on Thursday to hover near a one-week low, as the dollar benefited from uncertainties over a spike in new coronavirus cases in the United States and Europe as well as reports suggesting that the EU has put together a proposal for a no-deal Brexit.

Spot gold fell 0.8 percent to 41,858.39 per ounce, while U.S. gold futures were down 0.9 percent at $1,856.95.

New York City public schools are closing and returning to remote learning for all 1.1 million students, signaling that a second wave of the coronavirus has arrived.

Minnesota Gov. Tim Walz announced a month-long stop to social gatherings, gyms and indoor service at bars and restaurants as the virus spread spiked to a record high.

U.S. land borders with Canada and Mexico are expected to remain closed to non-essential travel until Dec. 21 amid a rising number of U.S. coronavirus cases.

The

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California homebuying season extends into fall as home sales and prices remain elevated in October, C.A.R. reports

LOS ANGELES, Nov. 17, 2020 /PRNewswire/ — Continued record low mortgage interest rates sustained California’s housing market in October as home sales and prices took a breather from September’s record high levels and still recorded double-digit increases from a year ago, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. 

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 484,510 units in October, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2020 if sales maintained the October pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

October’s sales total climbed above the 400,000 level for the fourth straight month since the COVID-19 crisis depressed the housing market earlier

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UK house prices fall despite strong demand driven by second lockdown

A new house development under construction
The first six days of England’s lockdown saw demand bounce back to being 49% up on 2019, according to Rightmove. Photo: Getty

UK house price fell by 0.5% this month, despite the second lockdown driving strong demand as sellers rush to beat Stamp Duty deadline.

Property website, Rightmove (RMV.L) said that the average price of property coming to market this month was down by £1,505 ($1,980) compared to last month.

Despite the dip, asking prices are still 6.3% higher than a year ago. Across Britain, the average asking price for a home coming to market in November is £322,025.

The first six days of England’s lockdown saw demand bounce back to being 49% up on 2019, according to Rightmove.

Properties in the higher bands between £100,000 and £500,000 — in areas where buyers are set to make the biggest stamp duty savings as the March deadline approaches, saw strong demand

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Real estate trends: Dubai’s home sales fall; decline in property prices slows down

The decline in Dubai’s residential values showed signs of decelerating in October, but sales of home units have somewhat slowed down, a new report has revealed.

The average capital values for the emirate’s apartments and villas dipped just 0.7 percent during the month compared to September, and 14.4 percent compared to a year ago, according to consulting firm ValuStrat.

However, sales of residential units in October were lacklustre when compared to previous months, registering a 33.7 percent decline in the off-plan segment and 6.8 percent decline in ready homes, when compared with September.

Sales of residential properties around the emirate had picked up earlier, particularly after the lockdown was lifted and restrictions eased, with most of the buyers snapping up ready homes. A lot of the potential homeowners were interested in properties with outdoor private space like balcony or garden.

Asteco’s latest analysis showed that there was a lot of

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A fallout shelter might have caused you to fall out with your neighbors

Back during the Cold War, when it did not seem at all far-fetched that a Soviet nuclear bomb might ruin your day, Glenn Easton’s mother-in-law looked into building a fallout shelter in her backyard.

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“The dealbreaker was when the salesman told her she’d have to buy a gun to keep neighbors from forcing themselves into her shelter in the event of a bomb,” wrote Glenn, of Chevy Chase, Md. “She decided she’d take her chances without a shelter.”

I can safely report that Glenn’s mother-in-law was not killed by an atomic bomb.

[Bunker mentality: Cold War-era fallout shelters are still a feature in some homes]

Nor was Phyllis Naylor of Gaithersburg, Md. After buying a house in Montgomery County in 1967, she and her husband fretted over whether to build a shelter. Newspapers at the time suggested that if bombs were coming, people should head to the Paw

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